11th Grade > Accountancy
RECORDING OF TRANSACTIONS 1 MCQs
Total Questions : 30
| Page 3 of 3 pages
Answer: Option A. -> Credited to Interest account
:
A
Interest account is credited in case of interest earned on money deposited in bank.
:
A
Interest account is credited in case of interest earned on money deposited in bank.
Answer: Option B. -> Assets & Capital
:
B
Fresh capital introduction will increase Assets ( Cash) & Capital.
:
B
Fresh capital introduction will increase Assets ( Cash) & Capital.
Answer: Option B. -> Purchases account is debited
:
B
In case of purchase of goods for resale, purchase account is debited.
:
B
In case of purchase of goods for resale, purchase account is debited.
Answer: Option B. -> In all journal entries, the total of debit account amounts need not be equal to the total of credit account amounts.
:
B
In all journal entries, the total of debit account amounts should be equal to the total of credit account amounts.
:
B
In all journal entries, the total of debit account amounts should be equal to the total of credit account amounts.
Answer: Option A. -> Debited
:
A
A sales return account is always debited in the books of account as it is an expense account.
:
A
A sales return account is always debited in the books of account as it is an expense account.
Answer: Option B. -> Debit
:
B
Increase in expense will be shown on debit or leftside of expenses account.
:
B
Increase in expense will be shown on debit or leftside of expenses account.
Answer: Option B. -> John - debit; purchase return - credit
:
B
The correct entry would be
John A/c Dr
To Purchase Return A/c
:
B
The correct entry would be
John A/c Dr
To Purchase Return A/c
Answer: Option A. -> Future economic benefits for the business
:
A
An asset possess future economic benefits for the business.
:
A
An asset possess future economic benefits for the business.
Answer: Option C. -> Posting
:
C
Recording of transaction in ledger is called as Posting.
:
C
Recording of transaction in ledger is called as Posting.
Answer: Option B. -> Decrease
:
B
Paymentof expenses in cash would result in a decrease in cash i.e. assets of the business.
:
B
Paymentof expenses in cash would result in a decrease in cash i.e. assets of the business.
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